Local stock brokerage firm Tri-State Securities Inc. has bowed out of the stock market effective on Friday, the first entity to exit the business this year.
Industry sources said the owner of Tri-State, businessman Larry Chan who is into the entertainment industry, decided to fold up operations as the long-term manager of the brokerage house was retiring.
With a relatively small market share, Chan thus decided to give up the business and just focus on other interests, including the importation of Korean drama series into the country.
The Philippine Stock Exchange (PSE) said Tri-State had filed an application for cessation of operations as early as Nov. 25 last year.
The PSE deactivated the access of Tri-State to its trading system effective on Friday, March 5, upon the request of the Capital Markets Integrity Corp. (CMIC), its independent market regulation arm.
CMIC said Tri-State had submitted an application for voluntary suspension in December.
“After the conclusion of the special audit and upon determining Tri-State’s compliance with the requirements under the pertinent securities laws, the board of directors of CMIC approved the application,” CMIC said in a letter to the PSE.
All trading participants were required to immediately inform CMIC, via electronic mail, of all pending transactions and contracts with Tri-State.